Ferrari’s (NYSE:RACE) F1 team says its preparations for the Australian Grand Prix are going as planned, despite the lockdown announced by the Italian government that has affected 16 northern provinces in the country.
Ferrari says that it respects the government’s decision, but says it is not currently poised to impact travel plans for F1 team members heading to Australia.
A statement given to the press said: “Following measures announced by the Italian Government last night, we are monitoring and evaluating the situation and are in close contact with the relevant authorities and all organisations involved.
“For Ferrari, compliance with the Government regulations represents the primary guarantee for ensuring the safety of its employees and their families which is our priority. Every single decision will be made with respect to this principle.
“Part of the team and equipment have already arrived in Melbourne and the departures for the remaining members of the team are going ahead as planned unless we receive communications to the contrary.”
HeffX-LTN overall technical outlook for RACE is Neutral to Bullish, there is resistance 164.05 and Key support is at 151.98. As a double bottom was put in Friday at 152.18, 1 of my Key indicators has turned Bullish as the stock is very oversold in here.
Ferrari finished at 152.18, -2.01 Friday in NY.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term and siding with BAML to 230 long term for now.
Have a terrific week.